Guess posts 37% drop in profit, tops targets

SAN FRANCISCO (MarketWatch) -- Apparel maker Guess Inc.
GES, +5.75%
reported late Tuesday its fiscal 2013 first-quarter profit fell to $26.6 million, or 30 cents a share, from $42.7 million, or 46 cents a share, a year earlier. Revenue for the quarter fell 2% to $579 million. The company said its North American retail revenue rose 2% from a year ago while same-store sales fell 5.5%. Sales in Asia rose 8% while European revenue, measured in U.S. dollars, fell 10%. Analysts surveyed by FactSet Research had predicted the company would earn 26 cents a share on $569.8 million. Guess said it expects to earn between 48 cents and 52 cents a share in the second quarter. Guess shares rallied 6% in after-hours trade to $25.92.

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